It plans to use the cash for a tender offer of up to $201.3 million for shares and warrants at $3 each.
SkyAI liquidates its entire Solana treasury, leaving $223.8M in cash as a $201.3M tender offer sparks shareholder disputes over its strategy.
Treasury Exit: SkyAI has sold all of its Solana holdings and now holds about $223.8 million in cash, marking a major shift from its position as one of the largest publicly traded Solana treasury companies.
Today, the Solana network recorded a historic high: the number of addresses holding tokenized stocks soared to 1.4 million, according to Blockworks data. Fresh on-chain statistics, however, have revealed a deep structural split in the market.
The company will fund a full subscription with cash on hand and pay $3 per share and $2.9999 per warrant.
Fidelity's positive assessment of Solana could boost institutional confidence, but concerns over validator concentration may impact decentralization. Fidelity report gives Solana a clean bill of health, with a few notes.
Solana's developers have scheduled the Alpenglow consensus upgrade for Oct. 21, targeting roughly 150-millisecond finality while asking validators and application operators to prepare for changes during the mainnet handoff.
SkyAI's strategic pivot from Solana to cash buybacks highlights shifting priorities in corporate crypto strategies, impacting market dynamics. SkyAI sells entire Solana treasury, holds $223.8M in cash ahead of buyback.
SkyAI holds $223.8 million in cash after selling all its SOL, with its $3 buyback running through Oct. 29.
An Oct. 19 technical reading put SOL at $105.43, below its 20-day and 50-day averages. A separate snapshot showed $103.74 at 10:39 a.m.
The Nasdaq-listed company held about 2.59 million SOL and equivalents on Oct. 16, following a much larger weekly increase.
The mint was recorded at 8:10 a.m. ET (12:10 UTC).